How to cut the financial BS out of your life

It was about 40 degrees and 100% humidity – a typical Brisbane summer’s day. I was sat in the serene comfort of the UQ Library, pouring over finance literature for an upcoming MBA exam. Suddenly, beads of sweat started forming in my hairline and trickling down the nape of my neck; I could feel little pulses of adrenaline forcing my heartbeat into my throat. My hands were clammy and all I could remind myself was to breathe, just breathe. I thought I was having a panic attack. Turns out what I thought were pre-exam jitters exacerbated by a triple shot flat white (oops!), was in fact my very own ‘ah-ha’ moment. I think they call it an epiphany. I had just had an epiphany.


RELATED BLOG: “How I beat my addiction to debt…once and for all!”

I sat the exam, opened a bottle of wine and started writing. This was the night Fearless Female Traders was conceived and to this day, I can’t explain the physical response I had to realising I was about to start my very own side hustle. I wasn’t sure where it would lead or how I would squeeze it into the few hours left in my day, but I could hear Sheryl Sandberg (Facebook COO, Author of ‘Lean In’) reminding me, “what would you do if you weren’t afraid?”.


I hear starting at the beginning is a very good place to start, and that is what I did. You see, on the surface I was in a well-paying job and had all the ingredients for a successful, financially secure life. I blindly thought having a bank account and an income meant I understood money. I seemed to be able to travel, eat out and attend a myriad of beauty appointments that was verging on extravagant. But in secret I was suffering from being on the hamster wheel of living month-to-month. I had a very unhealthy relationship with my credit card thanks to a lifestyle that was well beyond my means and the only investment I took part in was my rent. I was spiralling into dangerous territory and it wasn’t until a barista asked for cash instead of card for my morning coffee, that I realised I was in trouble. I couldn’t afford it and I was absolutely mortified.


Something had to change. I hoovered every piece of financial advice like a Friday night vino minus the hangover, connecting with industry experts, mortgage brokers, budget specialists and the dry-as-dust financial websites (you can thank me later). I was the ‘new girl’ at almost every female networking event in Brisbane and spoke to women everywhere trying to understand why some of us were repelled by the world of finance.


cut financial BS out of your life

(Image: iStock)


It turns out many women, from all ages, could relate to my shameful financial rut – some were still in it and some were still recovering. My own mum didn’t even know what interest rate she was paying on her mortgage, and stocks were just a flat out – NO! Simply because she didn’t understand them *face palm*.


Fearless Female Traders became my digital-solace, a place that allowed me to write about my own experiences saving money, keeping to a budget, investing in shares and eventually buying a house. I include advice from industry experts – the financially qualified crew – and plenty of sass to keep it light.


RELATED BLOG: “My Top 5 Finspiration Resolutions for anytime of year!”

If you are hiding amongst a mountain of credit card debt or quiver at the thought of investing, here are FFT’s 6 steps to get you started:

  1. Make a list of all your expenses in a month, everything from prescriptions, groceries, travel, life etc. EVERYTHING. Pour yourself a wine and critically ask, where am I overspending? Is it the mani-pedi, the hair appointment, or maybe the weekly brunches, lunches and dinners?
  2. Cut up your credit cards, all of them! If you have multiple sources of debt (personal loans, credit cards, car loans) think about consolidating these into one line of credit and reducing your fees.

*At this point you should know the lay of the land. This is what I called my ‘oh sh*t moment’*

  1. Buy the book ‘Barefoot Investor’. Read it from cover to cover.
  2. Download two Apps – Accorns & Pocketbook are great for beginner budgeters and investors.
  3. Consider opening an online high interest account, such as ING. As an internet banking platform, they don’t have the overheads of our normal banking institutions and can pass on higher interest rates for our savings.
  4. Look at your superannuation. Did you have 5 like me? Pick one, roll them over and if you can, add more to it.


If I can manage to cut out the boring aspects of finance, pay for a wedding (in cash!) and manage my own investment portfolio, anyone can…trust me!


Fearless Female Traders


2 responses to “How to cut the financial BS out of your life

  1. From KB››

    Ahhhh the myriad of beauty appointments! All that money to look “natural”. The amount I am willing to pay for my eyebrows is embarrassing…..I am literally embarrassed when I mention to people how much I pay for my brows and the look their face confirms what I already know, it’s too much. But I do know what % my mortgage is….so yay for small wins?!

    • From Bryanna McDermott››

      You should download the app “Pocketbook” – best slap in the face you’ll ever need (non-violent slap of course!). It shows you where you’re spending your money, how much and what percentage of your overall income. Also sends you alerts to say, “hey, you’ve almost used up all of your food money for this month…stop being a fatty!” Maybe not that direct, but is a really good tool to keep you on track when you’re tapping, waving, passing away and not mindful of the spend on your own. Super helpful!

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